LUBBOCK, Texas (AP) - Federal authorities accuse a Lubbock businessman of fraud, alleging that he bilked $50 million from investors in an Ponzi scheme.
Benny Lee Judah was charged by a criminal information document Tuesday. It alleges that he devised a scheme that swindled investors by promising them 10 percent return on investments in Excel Lease Fund Inc. between October 2005 and April 2009.
Judah's attorney, Robert N. Nebb, declined to comment Thursday.
In April, the U.S. Securities and Exchange Commission filed a civil fraud complaint against the land and real estate developer. That prompted a judge to freeze Judah's assets and place his business operations in receivership. The SEC complaint accused Judah of selling $40 million in unregistered securities between January 2006 and March and misusing the proceeds.
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